Which crypto companies are considering IPOs after Trump took office?
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Which crypto companies are considering IPOs after Trump took office?
Cryptocurrency companies that may be considering going public include Circle, Kraken, Ripple, BitGo, Bullish, and Gemini.
Navigating Web3 tides with focused insightsAuthor: Tim Craig, DL News
Translation: Felix, PANews (edited)
Soaring markets under U.S. President Trump and the dawn of a new crypto era have energized strategic moves by crypto firms.
The past few years haven't been kind to cryptocurrency companies.
First, the U.S. Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, sued numerous firms.
Those not embroiled in legal battles faced scrutiny over whether the crypto assets they issued or offered for trading should be classified as securities.
But since Trump returned to the White House and Gensler stepped down, companies including Gemini, run by the Winklevoss twins, and Bullish, backed by Peter Thiel, have hinted at going public.
Below are some of the leading crypto firms either planning or considering an IPO.
Circle
Circle, the company behind the $55 billion stablecoin USDC, attempted to go public in 2022 but failed. It filed an IPO application with the U.S. SEC in January last year.
Now, more than 13 months later, the U.S. SEC is still reviewing Circle’s application.
Since filing, Circle CEO Jeremy Allaire has repeatedly stated the company remains committed to going public.
In September last year, Allaire announced his company would relocate its headquarters to New York ahead of its planned IPO.
Allaire tweeted: "It's clear we need to plant our flag in the heart of Wall Street—both literally and symbolically."
A Circle spokesperson declined to comment on the IPO registration process, but becoming a public company has long been part of its core strategy.
Kraken
Ever since rival crypto exchange Coinbase went public in April 2021, smaller competitor Kraken has expressed interest in following suit.
Kraken’s then-CEO Jesse Powell said in June that year the exchange planned to go public within 18 months.
But Powell stepped down as CEO the following September, and the exchange’s IPO plans appeared to collapse.
By 2024, Kraken was reconsidering an IPO. Sources told Bloomberg in June the exchange was exploring raising $100 million through a pre-IPO funding round. As of January this year, Kraken had raised only about $27 million in initial capital.
Kraken co-CEO Arjun Sethi said: "We have the option to raise funds or take on debt if we want. Whether we’re private or public, we can access all avenues of capital."
Gemini
Like Kraken, cryptocurrency exchange Gemini, operated by Bitcoin billionaires Cameron and Tyler Winklevoss, hinted at an IPO as early as 2021.
Cameron Winklevoss told Bloomberg at the time: "We're definitely thinking about it and making sure we have that option."
A year later, amid the collapse of the Terra blockchain, crypto lender Celsius, and Sam Bankman-Fried’s FTX, the crypto market crashed, and Gemini ultimately shelved its IPO plans.
Reports now indicate the twins are reviving Gemini’s IPO ambitions.
Anonymous sources told Bloomberg the crypto exchange and custodian is negotiating with potential listing advisors regarding a public offering.
Ripple
Ripple, the issuer of XRP, is another high-profile company potentially eyeing an IPO under the Trump administration.
In 2022, Ripple CEO Brad Garlinghouse told CNBC the company would consider going public once its legal battle with the SEC over whether the sale of its XRP token constituted an illegal securities offering concluded.
In 2024, Garlinghouse said the company explored IPO options outside the U.S., but ultimately paused those plans.
Although Judge Analisa Torres ruled last year that XRP is not a security, the SEC has appealed the decision.
Nevertheless, as the protracted legal battle enters its final stages, Ripple’s long-awaited IPO may be just around the corner.
Bullish
CoinDesk owner and cryptocurrency exchange Bullish is another firm that has kept an eye on going public.
In 2021, the company announced plans to go public via SPAC, but later put those plans on hold.
For years, IPO rumors around Bullish remained quiet. Now, an anonymous source told Bloomberg the exchange is again considering an initial public offering as early as this year.
BitGo
On February 12, Bloomberg reported that U.S. crypto custodian BitGo is considering an initial public offering (IPO) as early as the second half of 2025. An anonymous informed source said the California-based company is in talks with potential advisors about a listing as early as the second half of this year.
BitGo completed a $100 million funding round in 2023 at a $1.75 billion valuation, with investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
BitGo provides institutional clients in over 50 countries with crypto custody, trading, and lending services, and handles approximately 8% of global Bitcoin transaction volume.
Notably, several other crypto firms are also poised for public listings.
Asset manager Bitwise, in its 2025 predictions report, said tech firm Figure, crypto infrastructure firm Anchorage Digital, and blockchain analytics company Chainalysis could all potentially go public this year.
Additionally, crypto infrastructure provider Fireblocks is also considering an IPO, though further out. Fireblocks CEO Michael Shaulov said in an interview last year: "We’re not in a rush to go public. From an optionality standpoint, it’s definitely something we’d consider. Maybe in two or three years."
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